Federal Register / Vol. 88, No. 233 / Wednesday, December 6, 2023 / Notices 84861 

15 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The term ‘‘Market Makers’’ refers to ‘‘Lead 

Market Makers’’, ‘‘Primary Lead Market Makers’’ 

and ‘‘Registered Market Makers’’ collectively. See 

Exchange Rule 100. 

4The term ‘‘Proprietary Product’’ means a class 

of options that is listed exclusively on the 

Exchange. See Exchange Rule 100. 

5See Securities Exchange Act Release No. 84417 

(October 12, 2018), 83 FR 52865 (October 18, 2018) 

(SR–MIAX–2018–14) (Order Granting Approval of a 

Proposed Rule Change by Miami International 

Securities Exchange, LLC to List and Trade on the 

Exchange Options on the SPIKES® Index). 

6See Securities Exchange Release No. 85283 

(March 11, 2019), 84 FR 9567 (March 15, 2019) (SR– 

MIAX–2019–11). The Exchange initially filed the 

proposal on February 15, 2019 (SR–MIAX–2019– 

04). That filing was withdrawn and replaced with 

SR–MIAX–2019–11. On September 30, 2020, the 

Exchange filed its proposal to, among other things, 

reorganize the Fee Schedule to adopt new Section 

1)b), Proprietary Products Exchange Fees, and 

moved the fees and rebates for SPIKES options into 

new Section 1)b)i). See Securities Exchange Act 

Release Nos. 90146 (October 9, 2020), 85 FR 65443 

(October 15, 2020) (SR–MIAX–2020–32); 90814 

(December 29, 2020), 86 FR 327 (January 5, 2021) 

(SR–MIAX–2020–39). 

7See Securities Exchange Act Release Nos. 86109 

(June 14, 2019), 84 FR 28860 (June 20, 2019) (SR– 

MIAX–2019–28); 87282 (October 10, 2019), 84 FR 

55658 (October 17, 2019) (SR–MIAX–2019–43); 

87897 (January 6, 2020), 85 FR 1346 (January 10, 

2020) (SR–MIAX–2019–53); 89289 (July 10, 2020), 

85 FR 43279 (July 16, 2020) (SR–MIAX–2020–22); 

90146 (October 9, 2020), 85 FR 65443 (October 15, 

2020) (SR–MIAX–2020–32); 90814 (December 29, 

2020), 86 FR 327 (January 5, 2021) (SR–MIAX– 

2020–39); 91498 (April 7, 2021), 86 FR 19293 (April 

13, 2021) (SR–MIAX–2021–06); 93881 (December 

30, 2021), 87 FR 517 (January 5, 2022) (SR–MIAX– 

2021–63); 95259 (July 12, 2022), 87 FR 42754 (July 

17, 2022) (SR–MIAX–2022–24); 96007 (October 7, 

2022), 87 FR 62151 (October 13, 2022) (SR–MIAX– 

2022–32); 96588 (December 28, 2022), 88 FR 381 

(January 4, 2023) (SR–MIAX–2022–47); 97887 (July 

12, 2023), 88 FR 45936 (July 18, 2023) (SR–MIAX– 

2023–28). 

8The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

9Full Service MEI Ports provide Market Makers 

with the ability to send Market Maker simple and 

complex quotes, eQuotes, and quote purge messages 

to the MIAX System. Full Service MEI Ports are also 

capable of receiving administrative information. 

Market Makers are limited to two Full Service MEI 

Ports per matching engine. See Fee Schedule, infra 

note 15. 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NASDAQ–2023–048 and should be 

submitted on or before December 27, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26724 Filed 12–5–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99047; File No. SR–MIAX– 

2023–46] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

November 30, 2023. 

Pursuant to the provisions of Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on November 16, 2023, Miami 

International Securities Exchange, LLC 

(‘‘MIAX’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I, II, and III below, 

which Items have been prepared by the 

Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

MIAX Options Exchange Fee Schedule 

(the ‘‘Fee Schedule’’) to extend the 

waiver period for certain nontransaction fees applicable to Market 

Makers 3 that trade solely in Proprietary 

Products 4 until June 30, 2024. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/miax-options/rule-filings, at 

MIAX’s principal office, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Fee Schedule to extend the waiver 

period for certain non-transaction fees 

applicable to Market Makers that trade 

solely in Proprietary Products until June 

30, 2024. 

Background 

On October 12, 2018, the Exchange 

received approval from the Commission 

to list and trade on the Exchange 

options on the SPIKES® Index, a new 

index that measures expected 30-day 

volatility of the SPDR S&P 500 ETF 

Trust (commonly known and referred to 

by its ticker symbol, ‘‘SPY’’).5 The 

Exchange adopted its initial SPIKES 

options transaction fees on February 15, 

2019 and adopted a new section of the 

Fee Schedule—Section 1)a)xi), 

SPIKES—for those fees.6 Options on the 

SPIKES Index began trading on the 

Exchange on February 19, 2019. 

On May 31, 2019, the Exchange filed 

its first proposal in a series of proposals 

with the Commission to amend the Fee 

Schedule to waive certain nontransaction fees applicable to Market 

Makers that trade solely in Proprietary 

Products (including options on the 

SPIKES Index) beginning June 1, 2019, 

through December 31, 2023.7 In 

particular, the Exchange adopted fee 

waivers for Membership Application 

fees, monthly Market Maker Trading 

Permit fees, Application Programming 

Interface (‘‘API’’) Testing and 

Certification fees for Members,8 and 

monthly MIAX Express Interface 

(‘‘MEI’’) Port 9 fees assessed to Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

throughout the entire period of June 1, 

2019 through December 31, 2023. The 

Exchange now proposes to extend the 

waiver period for the same nonVerDate Sep<11>2014 20:52 Dec 05, 2023 Jkt 262001 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 E:\FR\FM\06DEN1.SGM 06DEN1

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10The term ‘‘Electronic Exchange Member’’ or 

‘‘EEM’’ means the holder of a Trading Permit who 

is not a Market Maker. Electronic Exchange 

Members are deemed ‘‘members’’ under the 

Exchange Act. See Exchange Rule 100. 

11See Fee Schedule, Section 3)b). 

12A FIX Port is an interface with MIAX systems 

that enables the Port user (typically an Electronic 

Exchange Member or a Market Maker) to submit 

simple and complex orders electronically to MIAX. 

See Fee Schedule, Section 5)d)i). 

transaction fees applicable to Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

until June 30, 2024. In particular, the 

Exchange proposes to waive 

Membership Application fees, monthly 

Market Maker Trading Permit fees, 

Member API Testing and Certification 

fees, and monthly MEI Port fees 

assessed to Market Makers that trade 

solely in Proprietary Products 

(including options on SPIKES) until 

June 30, 2024. 

Membership Application Fees 

The Exchange currently assesses a 

one-time Membership Application fee 

for applications of potential Members. 

The Exchange assesses a one-time 

Membership Application fee on the 

earlier of (i) the date the applicant is 

certified in the membership system, or 

(ii) once an application for MIAX 

membership is finally denied. The onetime application fee is based upon the 

applicant’s status as either a Market 

Maker or an Electronic Exchange 

Member (‘‘EEM’’).10 A Market Maker is 

assessed a one-time Membership 

Application fee of $3,000. 

The Exchange proposes that the 

waiver for the one-time Membership 

Application fee of $3,000 for Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

will be extended from December 31, 

2023 until June 30, 2024, which the 

Exchange proposes to state in the Fee 

Schedule. The purpose of this proposed 

change is to continue to provide an 

incentive for potential Market Makers to 

submit membership applications, which 

should result in an increase of potential 

liquidity in Proprietary Products, 

including options on SPIKES. Even 

though the Exchange proposes to extend 

the waiver of this particular fee, the 

overall structure of the fee is outlined in 

the Fee Schedule so that there is general 

awareness that the Exchange intends to 

assess such a fee after June 30, 2024. 

Trading Permit Fees 

The Exchange issues Trading Permits 

that confer the ability to transact on the 

Exchange. MIAX Trading Permits are 

issued to Market Makers and EEMs. 

Members receiving Trading Permits 

during a particular calendar month are 

assessed monthly Trading Permit fees as 

set forth in the Fee Schedule. As it 

relates to Market Makers, MIAX 

currently assesses a monthly Trading 

Permit fee in any month the Market 

Maker is certified in the membership 

system, is credentialed to use one or 

more MIAX MEI Ports in the production 

environment and is assigned to quote in 

one or more classes. MIAX assesses the 

monthly Market Maker Trading Permit 

fee for its Market Makers based on the 

greatest number of classes listed on 

MIAX that the MIAX Market Maker was 

assigned to quote in on any given day 

within a calendar month and the 

applicable fee rate is the lesser of either 

the per class basis or percentage of total 

national average daily volume 

measurements. A MIAX Market Maker 

is assessed a monthly Trading Permit 

fee according to the following table: 11

Type of trading permit 

Monthly MIAX 

trading permit 

fee 

Market Maker assignments 

(the lesser of the applicable measurements below) W 

Per class % of national average daily volume 

Market Maker (includes RMM, 

LMM, PLMM).

$7,000.00 

12,000.00 

* 17,000.00 

* 22,000.00 

Up to 10 Classes ....................

Up to 40 Classes ....................

Up to 100 Classes ..................

Over 100 Classes ...................

Up to 20% of Classes by volume. 

Up to 35% of Classes by volume. 

Up to 50% of Classes by volume. 

Over 50% of Classes by volume up to all Classes listed on 

MIAX. 

W Excludes Proprietary Products. 

* For these Monthly MIAX Trading Permit Fee levels, if the Market Maker’s total monthly executed volume during the relevant month is less 

than 0.060% of the total monthly executed volume reported by OCC in the market maker account type for MIAX-listed option classes for that 

month, then the fee will be $15,500 instead of the fee otherwise applicable to such level. 

MIAX proposes that the waiver for the 

monthly Trading Permit fee for Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

will be extended from December 31, 

2023 to June 30, 2024, which the 

Exchange proposes to state in the Fee 

Schedule. The purpose of this proposed 

change is to continue to provide an 

incentive for Market Makers to provide 

liquidity in Proprietary Products on the 

Exchange, which should result in 

increasing potential order flow and 

volume in Proprietary Products, 

including options on SPIKES. Even 

though the Exchange proposes to extend 

the waiver of this particular fee, the 

overall structure of the fee is outlined in 

the Fee Schedule so that there is general 

awareness to potential Members seeking 

a Trading Permit that the Exchange 

intends to assess such a fee after June 

30, 2024. 

The Exchange also proposes that 

Market Makers who trade Proprietary 

Products (including options on SPIKES) 

along with multi-listed classes will 

continue to not have Proprietary 

Products (including SPIKES) counted 

toward those Market Makers’ class 

assignment count or percentage of total 

national average daily volume. This 

exclusion is noted with the symbol ‘‘W’’ 

following the table that shows the 

monthly Trading Permit fees currently 

assessed to Market Makers in Section 

3)b) of the Fee Schedule. 

API Testing and Certification Fee 

The Exchange assesses an API Testing 

and Certification fee to all Members 

depending upon Membership type. An 

API makes it possible for Members’ 

software to communicate with MIAX 

software applications, and is subject to 

Members testing with, and certification 

by, MIAX. The Exchange offers four 

types of interfaces: (i) the Financial 

Information Exchange Port (‘‘FIX 

Port’’),12 which enables the FIX Port 

user (typically an EEM or a Market 

Maker) to submit simple and complex 

orders electronically to MIAX; (ii) the 

MEI Port, which enables Market Makers 

to submit simple and complex 

electronic quotes to MIAX; (iii) the 


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13Clearing Trade Drop (‘‘CTD’’) provides 

Exchange members with real-time clearing trade 

updates. The updates include the Member’s 

clearing trade messages on a low latency, real-time 

basis. The trade messages are routed to a Member’s 

connection containing certain information. The 

information includes, among other things, the 

following: (i) trade date and time; (ii) symbol 

information; (iii) trade price/size information; (iv) 

Member type (for example, and without limitation, 

Market Maker, Electronic Exchange Member, 

Broker-Dealer); (v) Exchange Member Participant 

Identifier (‘‘MPID’’) for each side of the transaction, 

including Clearing Member MPID; and (vi) strategy 

specific information for complex transactions. CTD 

Port Fees will be assessed in any month the 

Member is credentialed to use the CTD Port in the 

production environment. See Fee Schedule, Section 

5)d)iii. 

14The FIX Drop Copy Port (‘‘FXD’’) is a 

messaging interface that will provide a copy of realtime trade execution, trade correction and trade 

cancellation information for simple and complex 

orders to FIX Drop Copy Port users who subscribe 

to the service. FIX Drop Copy Port users are those 

users who are designated by an EEM to receive the 

information and the information is restricted for use 

by the EEM only. FXD Port Fees will be assessed 

in any month the Member is credentialed to use the 

FXD Port in the production environment. See Fee 

Schedule, Section 5)d)iv. 

15See Fee Schedule 5)d)ii). 

Clearing Trade Drop Port (‘‘CTD 

Port’’),13 which provides real-time trade 

clearing information to the participants 

to a trade on MIAX and to the 

participants’ respective clearing firms; 

and (iv) the FIX Drop Copy Port (‘‘FXD 

Port’’),14 which provides a copy of realtime trade execution, correction and 

cancellation information through a FIX 

Port to any number of FIX Ports 

designated by an EEM to receive such 

messages. 

API Testing and Certification fees for 

Market Makers are assessed (i) initially 

per API for CTD and MEI ports in the 

month the Market Maker has been 

credentialed to use one or more ports in 

the production environment for the 

tested API and the Market Maker has 

been assigned to quote in one or more 

classes, and (ii) each time a Market 

Maker initiates a change to its system 

that requires testing and certification. 

API Testing and Certification fees will 

not be assessed in situations where the 

Exchange initiates a mandatory change 

to the Exchange’s system that requires 

testing and certification. The Exchange 

currently assesses a Market Maker an 

API Testing and Certification fee of 

$2,500. The API Testing and 

Certification fees represent costs 

incurred by the Exchange as it works 

with each Member for testing and 

certifying that the Member’s software 

systems communicate properly with 

MIAX’s interfaces. 

MIAX proposes to extend the waiver 

of the API Testing and Certification fee 

for Market Makers that trade solely in 

Proprietary Products (including options 

on SPIKES) from December 31, 2023 

until June 30, 2024, which the Exchange 

proposes to state in the Fee Schedule. 

The purpose of this proposed change is 

to continue to provide an incentive for 

potential Market Makers to develop 

software applications to trade in 

Proprietary Products, including options 

on SPIKES. Even though the Exchange 

proposes to extend the waiver of this 

particular fee, the overall structure of 

the fee is outlined in the Fee Schedule 

so that there is general awareness that 

the Exchange intends to assess such a 

fee after June 30, 2024. 

MEI Port Fees 

MIAX assesses monthly MEI Port fees 

to Market Makers in each month the 

Member has been credentialed to use 

the MEI Port in the production 

environment and has been assigned to 

quote in at least one class. The amount 

of the monthly MEI Port fee is based 

upon the number of classes in which the 

Market Maker was assigned to quote on 

any given day within the calendar 

month, and upon the class volume 

percentages set forth in the Fee 

Schedule. The class volume percentage 

is based on the total national average 

daily volume in classes listed on MIAX 

in the prior calendar quarter. Newly 

listed option classes are excluded from 

the calculation of the monthly MEI Port 

fee until the calendar quarter following 

their listing, at which time the newly 

listed option classes will be included in 

both the per class count and the 

percentage of total national average 

daily volume. The Exchange assesses 

MIAX Market Makers the monthly MEI 

Port fee based on the greatest number of 

classes listed on MIAX that the MIAX 

Market Maker was assigned to quote in 

on any given day within a calendar 

month and the applicable fee rate that 

is the lesser of either the per class basis 

or percentage of total national average 

daily volume measurement. MIAX 

assesses MEI Port fees on Market Makers 

according to the following table: 15

Monthly MIAX MEI fees 

Market Maker assignments 

(the lesser of the applicable measurements below) W 

Per class % of national average daily volume 

$5,000.00 ........................................ Up to 5 Classes ............................. Up to 10% of Classes by volume. 

10,000.00 ........................................ Up to 10 Classes ........................... Up to 20% of Classes by volume. 

14,000.00 ........................................ Up to 40 Classes ........................... Up to 35% of Classes by volume. 

17,500.00 * ...................................... Up to 100 Classes ......................... Up to 50% of Classes by volume. 

20,500.00 * ...................................... Over 100 Classes .......................... Over 50% of Classes by volume up to all Classes listed on MIAX. 

W Excludes Proprietary Products. 

* For these Monthly MIAX MEI Fees levels, if the Market Maker’s total monthly executed volume during the relevant month is less than 0.060% 

of the total monthly executed volume reported by OCC in the market maker account type for MIAX-listed option classes for that month, then the 

fee will be $14,500 instead of the fee otherwise applicable to such level. 

MIAX proposes to extend the waiver 

of the monthly MEI Port fee for Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

from December 31, 2023 until June 30, 

2024, which the Exchange proposes to 

state in the Fee Schedule. The purpose 

of this proposal is to continue to 

provide an incentive to Market Makers 

to connect to MIAX through the MEI 

Port such that they will be able to trade 

in MIAX Proprietary Products. Even 

though the Exchange proposes to extend 

the waiver of this particular fee, the 

overall structure of the fee is outlined in 

the Fee Schedule so that there is general 

awareness that the Exchange intends to 

assess such a fee after June 30, 2024. 

The Exchange notes that for the 

purposes of this proposed change, other 

Market Makers who trade MIAX 

Proprietary Products (including options 

on SPIKES) along with multi-listed 

classes will continue to not have 

Proprietary Products (including SPIKES) 

counted toward those Market Makers’ 

class assignment count or percentage of 

total national average daily volume. 

This exclusion is noted by the symbol 

‘‘W’’ following the table that shows the 

monthly MEI Port Fees currently 

assessed for Market Makers in Section 

5)d)ii) of the Fee Schedule. 

The proposed extension of the fee 

waivers are targeted at market 

participants, particularly market 


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84864 Federal Register / Vol. 88, No. 233 / Wednesday, December 6, 2023 / Notices 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(4) and (5). 

makers, who are not currently members 

of MIAX, who may be interested in 

being a Market Maker in Proprietary 

Products on the Exchange. The 

Exchange estimates that there are fewer 

than ten (10) such market participants 

that could benefit from the extension of 

these fee waivers. The proposed 

extension of the fee waivers does not 

apply differently to different sizes of 

market participants, however the fee 

waivers do only apply to Market Makers 

(and not EEMs). 

Market Makers, unlike other market 

participants, take on a number of 

obligations, including quoting 

obligations that other market 

participants do not have. Further, 

Market Makers have added market 

making and regulatory requirements, 

which normally do not apply to other 

market participants. For example, 

Market Makers have obligations to 

maintain continuous markets, engage in 

a course of dealings reasonably 

calculated to contribute to the 

maintenance of a fair and orderly 

market, and to not make bids or offers 

or enter into transactions that are 

inconsistent with a course of dealing. 

Accordingly, the Exchange believes it is 

reasonable and not unfairly 

discriminatory to continue to offer the 

fee waivers to Market Makers because 

the Exchange is seeking additional 

liquidity providers for Proprietary 

Products, in order to enhance liquidity 

and spreads in Proprietary Products, 

which is traditionally provided by 

Market Makers, as opposed to EEMs. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 16

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 17 in 

particular, in that it is an equitable 

allocation of reasonable fees and other 

charges among its Members and issuers 

and other persons using its facilities. 

The Exchange also believes the proposal 

furthers the objectives of Section 6(b)(5) 

of the Act in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest and is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers and dealers. 

The Exchange believes that the 

proposal to extend the fee waiver period 

for certain non-transaction fees for 

Market Makers that trade solely in 

Proprietary Products is an equitable 

allocation of reasonable fees because the 

proposal continues to waive nontransaction fees for a limited period of 

time in order to enable the Exchange to 

improve its overall competitiveness and 

strengthen its market quality for all 

market participants in MIAX’s 

Proprietary Products, including options 

on SPIKES. The Exchange believe the 

proposed extension of the fee waivers is 

fair and equitable and not unreasonably 

discriminatory because it applies to all 

market participants not currently 

registered as Market Makers at the 

Exchange. Any market participant may 

choose to satisfy the additional 

requirements and obligations of being a 

Market Maker and trade solely in 

Proprietary Products in order to qualify 

for the fee waivers. 

The Exchange believes that the 

proposed extension of the fee waivers is 

equitable and not unfairly 

discriminatory for Market Makers as 

compared to EEMs because Market 

Makers, unlike other market 

participants, take on a number of 

obligations, including quoting 

obligations that other market 

participants do not have. Further, 

Market Makers have added market 

making and regulatory requirements, 

which normally do not apply to other 

market participants. For example, 

Market Makers have obligations to 

maintain continuous markets, engage in 

a course of dealings reasonably 

calculated to contribute to the 

maintenance of a fair and orderly 

market, and to not make bids or offers 

or enter into transactions that are 

inconsistent with a course of dealing. 

The Exchange believes it is reasonable 

and equitable to continue to waive the 

one-time Membership Application Fee, 

monthly Trading Permit Fee, API 

Testing and Certification Fee, and 

monthly MEI Port Fee for Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

until June 30, 2024, since the waiver of 

such fees provides incentives to 

interested market participants to trade 

in Proprietary Products. This should 

result in increasing potential order flow 

and liquidity in MIAX Proprietary 

Products, including options on SPIKES. 

The Exchange believes it is reasonable 

and equitable to continue to waive the 

API Testing and Certification fee 

assessable to Market Makers that trade 

solely in Proprietary Products 

(including options on SPIKES) until 

June 30, 2024, since the waiver of such 

fees provides incentives to interested 

Members to develop and test their APIs 

sooner. Determining system operability 

with the Exchange’s system will in turn 

provide MIAX with potential order flow 

and liquidity providers in Proprietary 

Products. 

The Exchange believes it is 

reasonable, equitable and not unfairly 

discriminatory that Market Makers who 

trade in Proprietary Products along with 

multi-listed classes will continue to not 

have Proprietary Products counted 

toward those Market Makers’ class 

assignment count or percentage of total 

national average daily volume for 

monthly Trading Permit Fees and 

monthly MEI Port Fees in order to 

incentivize existing Market Makers who 

currently trade in multi-listed classes to 

also trade in Proprietary Products, 

without incurring certain additional 

fees. 

The Exchange believes that the 

proposed extension of the fee waivers 

constitutes an equitable allocation of 

reasonable fees and other charges among 

its Members and issuers and other 

persons using its facilities. The 

proposed extension of the fee waivers 

means that all prospective market 

makers that wish to become Market 

Maker Members of the Exchange and 

quote solely in Proprietary Products 

may do so and have the abovementioned fees waived until June 30, 

2024. The proposed extension of the fee 

waivers will continue to not apply to 

potential EEMs because the Exchange is 

seeking to enhance the quality of its 

markets in Proprietary Products through 

introducing more competition among 

Market Makers in Proprietary Products. 

In order to increase the competition, the 

Exchange believes that it must continue 

to waive entry type fees for such Market 

Makers. EEMs do not provide the 

benefit of enhanced liquidity which is 

provided by Market Makers, therefore 

the Exchange believes it is reasonable 

and not unfairly discriminatory to 

continue to only offer the proposed fee 

waivers to Market Makers (and not 

EEMs). Further, the Exchange believes it 

is reasonable and not unfairly 

discriminatory to continue to exclude 

Proprietary Products from an existing 

Market Maker’s permit fees and port 

fees, in order to incentive such Market 

Makers to quote in Proprietary Products. 

The amount of a Market Maker’s permit 

and port fee is determined by the 

number of classes quoted and volume of 

the Market Maker. By excluding 

Proprietary Products from such fees, the 

Exchange is able to incentivize Market 

Makers to quote in Proprietary Products. 

EEMs do not pay permit and port fees 

based on the classes traded or volume, 

so the Exchange believes it is 

reasonable, equitable, and not unfairly 

discriminatory to only offer the 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 233 / Wednesday, December 6, 2023 / Notices 84865 

18 15 U.S.C. 78s(b)(3)(A)(ii). 

19 17 CFR 240.19b–4(f)(2). 

20 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

exclusion to Market Makers (and not 

EEMs). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intra-Market Competition 

The Exchange believes that the 

proposal to extend certain of the nontransaction fee waivers until June 30, 

2024 for Market Makers that trade solely 

in Proprietary Products would increase 

intra-market competition by 

incentivizing new potential Market 

Makers to quote in Proprietary Products, 

which will enhance the quality of 

quoting and increase the volume of 

contracts in Proprietary Products traded 

on MIAX, including options on SPIKES. 

To the extent that this purpose is 

achieved, all the Exchange’s market 

participants should benefit from the 

improved market liquidity for the 

Exchange’s Proprietary Products. 

Enhanced market quality and increased 

transaction volume in Proprietary 

Products that results from the 

anticipated increase in Market Maker 

activity on the Exchange will benefit all 

market participants and improve 

competition on the Exchange. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on intra-market competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act 

because the proposed changes for each 

separate type of market participant (new 

Market Makers and existing Market 

Makers) will be assessed equally to all 

such market participants. While 

different fees are assessed to different 

market participants in some 

circumstances, these different market 

participants have different obligations 

and different circumstances as 

discussed above. For example, Market 

Makers have quoting obligations that 

other market participants (such as 

EEMs) do not have. 

Inter-Market Competition 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on inter-market competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act 

because the proposed extension of the 

fee waivers applies only to the 

Exchange’s Proprietary Products 

(including options on SPIKES), which 

are traded exclusively on the Exchange. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,18 and Rule 

19b–4(f)(2) 19 thereunder. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule should be 

approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

MIAX–2023–46 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–MIAX–2023–46. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–MIAX–2023–46 and should be 

submitted on or before December 27, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26727 Filed 12–5–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99049; File No. SR–NYSE– 

2023–45] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Update 

Citations to Rule 600(b) of Regulation 

National Market System 

November 30, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 2 and Rule 19b–4 

thereunder,3 notice is hereby given that 

on November 20, 2023, New York Stock 

Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 


lotter on DSK11XQN23PROD with NOTICES1